The Various Roles of a Tax Accountant

Tax accounting is one of the many different areas of specialisation in the field of accounting. While tax accountants generally focus on taxes, they can do more than just prepare and submit tax returns for individuals and corporate clients. 

Keep reading to acquaint yourself with the various things that a tax accountant can do for you and/or your business. 

Tax compliance

Tax legislation is constantly being reviewed and changed, and individuals and businesses alike are expected to keep abreast of new and revised changes in tax law.

Tax accountants make sure they stay on top of any recent changes in taxation laws and regulations so they can help their clients stay tax-compliant. They can also work with internal and external auditors to ensure that all your tax obligations have been met. 

Ensuring tax compliance helps you avoid the undesirable consequences of not complying with the tax laws whether intentionally or inadvertently.

Financial planning

Aside from preparing and filing tax returns on behalf of their clients and helping them stay tax compliant, tax accountants can also assist with financial planning. 

Based on your specific financial situation, they can recommend legal ways of minimising or eliminating your tax liabilities in order to maximise tax savings and increase your disposable income and/or working capital. 

Whether you are concerned about the tax implications of buying a new home for your family or venturing into new markets, a tax accountant can help you put together comprehensive plans for achieving your financial goals.

Estate planning

Like other property owners, you want to maximise the portion of your estate that will be inherited by your beneficiaries. An excellent way to accomplish this is by seeking out a tax expert to help with your estate planning.

Since they have a good understanding of how estate and/or inheritance taxes work, tax accountants bring a wealth of tax knowledge to your estate planning endeavour. Liaising with an estate planning lawyer, they can review the various estate taxes that apply to your specific estate and help to reduce your taxable estate value. This will allow for maximum wealth transfer to your beneficiaries.

A tax accountant is your go-to person when you need professional assistance with all the tax concerns and matters you have regarding your personal or business income. If you want to learn more about what tax accountants can do for you, don't hesitate to speak to a tax accountant that serves clients in your specific area.